The Cross Collateral Agreement is utilized in complex financing arrangements where multiple loans or credit facilities need to be secured by various assets, creating an efficient security structure. This document is particularly relevant in Austria where specific legal requirements govern security interests and their enforcement under the ABGB and related legislation. The agreement enables lenders to share security interests across different obligations, potentially reducing transaction costs and improving security efficiency. It typically includes provisions for existing and future obligations, security interest priorities, enforcement mechanisms, and compliance with Austrian registration requirements. The document is essential in scenarios involving group financing, syndicated lending, or restructuring where multiple security interests need to be coordinated.
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1. Parties: Identification of all parties including the borrower(s), lender(s), and any security trustees or agents
2. Background: Context of the agreement, including references to existing facility agreements and security arrangements being cross-collateralized
3. Definitions and Interpretation: Definitions of key terms, including Secured Obligations, Collateral, Security Interest, and interpretation rules
4. Cross-Collateralization: Core provisions establishing the cross-collateral arrangement and how different security interests secure all obligations
5. Security Interest Confirmation: Confirmation that existing security interests secure all obligations under the cross-collateral arrangement
6. Priority and Ranking: Provisions regarding the priority and ranking of different security interests and secured obligations
7. Representations and Warranties: Standard representations regarding authority, binding obligations, and no conflicts
8. Covenants: Ongoing obligations regarding maintenance of collateral, reporting, and compliance with security requirements
9. Enforcement: Rights and procedures for enforcing security interests under Austrian law
10. Payments and Application of Proceeds: Rules for applying proceeds from enforcement or realization of collateral
11. Amendments and Waivers: Procedures for modifying the agreement or waiving rights
12. Governing Law and Jurisdiction: Confirmation of Austrian law governance and jurisdiction provisions
1. Security Trustee Provisions: Required when a security trustee structure is used to hold and manage the security interests
2. Further Assurance: Optional provisions regarding additional documentation or actions required to perfect security interests
3. Tax Provisions: Specific tax-related provisions when cross-collateralization has significant tax implications
4. Currency Provisions: Required when secured obligations or collateral involve multiple currencies
5. Additional Obligor Accession: Mechanism for adding new obligors to the cross-collateral arrangement
6. Release Provisions: Detailed provisions for releasing collateral or obligors, particularly relevant in complex arrangements
1. Schedule 1 - Existing Security Interests: List and details of all existing security interests being cross-collateralized
2. Schedule 2 - Secured Obligations: Detailed description of all obligations secured by the cross-collateral arrangement
3. Schedule 3 - Collateral Assets: Comprehensive list and description of all collateral assets
4. Schedule 4 - Form of Accession Deed: Standard form for adding new obligors to the arrangement
5. Schedule 5 - Security Registration Requirements: Details of required registrations under Austrian law for different types of collateral
6. Appendix A - Existing Facility Agreements: Copies or summaries of relevant facility agreements
7. Appendix B - Security Documents: Copies of existing security documents being cross-collateralized
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